The Collateral Sharing Agreement is essential in complex financing transactions where multiple creditors hold security interests in the same collateral under Philippine law. This document becomes necessary when different lenders provide financing to the same borrower and need to establish clear rules about their respective rights to shared collateral. It addresses critical aspects such as priority of claims, enforcement procedures, and distribution of proceeds, while ensuring compliance with Philippine secured transactions law, particularly the Personal Property Security Act and banking regulations. The agreement is typically used in syndicated lending, project finance, or restructuring scenarios where multiple creditors need to coordinate their security interests and enforcement rights efficiently.
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1. Parties: Identifies all secured creditors participating in the sharing arrangement and the debtor(s)
2. Background: Describes the context of the agreement, including reference to the underlying credit facilities and security arrangements
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation principles
4. Sharing Arrangements: Details the core agreement on how the collateral and enforcement proceeds will be shared among creditors
5. Priority and Ranking: Establishes the priority rights of each creditor in relation to the shared collateral
6. Security Interest Provisions: Describes the nature and extent of security interests covered by the sharing arrangement
7. Enforcement and Realization: Sets out the process for enforcing security interests and realizing collateral
8. Distribution of Proceeds: Specifies how proceeds from enforcement or realization will be distributed among creditors
9. Representations and Warranties: Contains standard representations and warranties from each party
10. Covenants: Details ongoing obligations of the parties regarding the collateral and sharing arrangement
11. Administration and Decision Making: Establishes procedures for collective decision-making among creditors
12. Miscellaneous: Contains standard boilerplate provisions including governing law, notices, amendments
1. Security Agent Provisions: Required when a security agent is appointed to hold and manage the shared collateral on behalf of multiple creditors
2. Standstill Provisions: Include when creditors agree to specific limitations on their individual enforcement rights
3. Buy-out Rights: Include when creditors have the right to buy out other creditors' interests in specific circumstances
4. New Creditor Accession: Required when the agreement contemplates the possibility of additional creditors joining the sharing arrangement
5. Subordination Provisions: Include when certain creditors' rights are to be subordinated to others beyond simple sharing arrangements
6. Voting Mechanisms: Required for complex arrangements with multiple creditors where specific voting procedures are needed for decision-making
1. Schedule of Secured Creditors: Lists all secured creditors and their respective credit exposure amounts
2. Schedule of Security Documents: Details all security documents covered by the sharing arrangement
3. Schedule of Shared Collateral: Comprehensive list and description of all shared collateral
4. Form of Accession Deed: Standard form for new creditors to accede to the agreement
5. Distribution Waterfall: Detailed breakdown of the order of distribution of enforcement proceeds
6. Form of Assignment Certificate: Standard form for transferring rights under the agreement
7. Contact Details: Contact information for all parties and their authorized representatives
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate & Construction
Infrastructure
Manufacturing
Energy & Utilities
Mining & Resources
Telecommunications
Transportation & Logistics
Agriculture & Agribusiness
Industrial & Commercial
Relevant Teams
Legal
Finance
Risk Management
Corporate Banking
Compliance
Credit Administration
Security Operations
Transaction Management
Loan Administration
Corporate Advisory
Relevant Roles
Chief Legal Officer
Senior Finance Manager
Credit Risk Officer
Corporate Finance Director
Security Trustee Manager
Syndications Manager
Legal Counsel
Compliance Officer
Transaction Manager
Corporate Banking Director
Restructuring Manager
Security Agent Officer
Senior Loan Officer
Risk Management Director
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